According to Odaily Planet Daily, some senior Fed officials expressed concerns that inflation has not yet been defeated. Fed Governor Bowman explained that such a dramatic first rate cut could unnecessarily restore inflationary pressures.

Bowman was the only Fed governor to vote against the rate cut last week. As of Tuesday, both inflation swaps and Treasury inflation-protected securities suggested that inflation could hover above the Fed’s 2% target in the coming years, even if only modestly.